UBS, Julius Baer and Grupo BTG Pactual are among banks considering a local wealth-management business in Argentina, people familiar with the matter said, as one estimate predicts the government’s tax-amnesty program could bring as much as $16bn in offshore money back to the nation.

Bloomberg News reports that UBS and Julius Baer might acquire local brokerages as a way to speed up the licensing process, according to one of the people, who asked not to be identified discussing private strategies. BTG transferred one of its partners, Marcelo Fiorellini, to Argentina about six months ago because the bank believes the nation’s capital markets are set to expand, the company said in an e-mail, declining to comment further.

The government’s tax-amnesty program, announced in May, attracted $4.6bn in cash through last week, Finance Minister Alfonso Prat-Gay said Monday. About 100,000 Argentines declared hidden holdings to tax authorities as of October 26, with 58,000 making deposits in bank accounts, Prat-Gay said. Some wealthy Argentines are creating local family offices to manage their assets, betting that President Mauricio Macri will continue to be more investor-friendly than previous administrations and that the economy will resume growth with lower inflation.

To access the complete Bloomberg News article hit the link below:

UBS Said to Be Among Banks Weighing Argentina Wealth Management

BlackRock Said to Explore Sale of Second Singapore Tower